Fuel prices to go up anew this week

MANILA, Philippines — Another fuel price hike is set this week following the increase in global prices due to the Venezuelan crisis.

In its advisory, Unioil Philippines said it expects another round of increase in fuel prices by P0.50 to P0.60 per liter for diesel and by P0.20 per liter for gasoline.

This will be the fourth consecutive week of higher oil prices and the fourth for the year.

Last week, oil companies raised gasoline prices by P0.10 per liter, diesel by P0.40 per liter and kerosene by P0.15 per liter.

Reuters reported oil prices dropped three percent at the start of the week due to increasing supplies. However, oil prices climbed last Friday due to the political turmoil in Venezuela that threatened a tighter crude supply.